Scope of Work
Project Accountant – Residential Development & Home Building
Position Summary
The Project Accountant is responsible for managing the financial administration of residential development and home-building projects from land acquisition through construction and project close-out. The role ensures accurate project costing, budget tracking, financial reporting, and compliance with company policies and accounting standards.
Key Responsibilities
1. Project Cost Accounting
- Establish and maintain project budgets within the accounting system.
- Track and monitor project costs against approved budgets.
- Allocate costs accurately to individual projects, phases, lots, and cost codes.
- Review and reconcile construction and development expenditures.
- Investigate and resolve cost variances.
2. Budget Management & Forecasting
- Assist project managers and development managers in preparing project budgets.
- Update project forecasts based on actual costs and projected expenditures.
- Monitor committed costs and anticipated cash requirements.
- Prepare monthly budget-to-actual variance analyses.
- Identify financial risks and recommend corrective actions.
3. Accounts Payable & Vendor Management
- Verify invoices against contracts, purchase orders, and approved change orders.
- Ensure proper coding and approval workflows.
4. Construction Draws & Progress Billing
- Prepare and review lender draw requests.
- Compile supporting documentation for construction financing submissions.
- Track draw schedules and funding receipts.
- Reconcile construction loan balances and project financing activities.
- Monitor holdbacks, retainage, and release schedules where applicable.
5. Revenue Recognition & Sales Tracking
- Track home sales, deposits, closings, and occupancy schedules.
- Coordinate with sales and legal teams regarding purchaser transactions.
- Record revenue and cost of sales in accordance with applicable accounting standards.
- Monitor inventory and work-in-progress balances.
6. Financial Reporting
- Prepare monthly project financial statements and reports.
- Generate project profitability analyses.
- Report on:
- Budget vs. Actual Costs
- Cost-to-Complete
- Cash Flow Projections
- Work-in-Progress (WIP)
- Lot and Unit Costing
- Support executive management reporting requirements.
7. Development Accounting
- Track land acquisition costs, development charges, permits, and soft costs.
- Maintain detailed records of development expenditures by phase.
- Monitor municipal fees, levies, and servicing costs.
- Assist in capitalization and cost allocation processes.
8. Job Costing & Inventory Management
- Maintain accurate job-cost records.
- Track construction costs by trade, phase, lot, and unit.
- Reconcile inventory and work-in-progress accounts.
- Assist with project close-out and final cost reporting.
9. Audit & Compliance Support
- Maintain organized financial records and project documentation.
- Support annual audits and lender reviews.
- Ensure compliance with accounting standards, tax regulations, and company policies.
- Assist with GST/HST reporting and project-related tax filings where applicable.
10. Stakeholder Collaboration
- Work closely with:
- Project Managers
- Site Supervisors
- Development Managers
- Purchasing Teams
- Sales and Marketing Teams
- External Auditors
- Lenders and Financial Institutions
- Provide financial insights to support project decision-making.
Deliverables
The Project Accountant shall provide:
Monthly
- Budget vs. Actual Reports
- Project Cost Reports
- Cash Flow Forecasts
- Variance Analysis Reports
- Work-in-Progress Reports
- Construction Draw Summaries
Quarterly
- Updated Project Forecasts
- Profitability Reviews
- Financial Risk Assessments
Annually
- Audit Support Schedules
- Year-End Project Reconciliations
- Financial Statement Support Documentation
Key Performance Indicators (KPIs)
- Accuracy of project cost reporting.
- Timeliness of monthly financial reporting.
- Budget variance management.
- Accuracy of cash flow forecasting.
- Reduction of invoice processing delays.
- Successful completion of lender draw submissions.
- Audit compliance and documentation quality.
Required Qualifications
- Bachelor's degree in Accounting, Finance, or related field.
- CPA designation (preferred not required).
- 3–7+ years of project accounting experience in residential construction, land development, or home building.
- Strong knowledge of:
- Job Costing
- Construction Accounting
- Budgeting and Forecasting
- Work-in-Progress Accounting
- ERP and Accounting Systems (e.g., Sage, Jonas, Newstar, Viewpoint, Acumatica)
- Advanced Microsoft Excel skills.
Pay: From $70,000.00 per year
Benefits:
- Dental care
- Disability insurance
- Life insurance
- On-site parking
- Paid time off
- Vision care
Work Location: In person
